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Chancellor pledges millions to life sciences industry in pre-Budget announcement

By March 6, 2024No Comments

Two days before the Budget, the Chancellor, Jeremy Hunt, announced a £92 million joint government and industry investment to expand facilities to manufacture life-saving medicines and diagnostics products.

This was part of an overall £360 million package to boost British manufacturing and R&D. It is expected that this good news for the sector has been trailed so as not to be lost amidst Budget announcements dominated by changes to personal taxation.

The investment includes £7.5 million to support BIVDA member company QuidelOrtho and Almac. QuidelOrtho, based in Pencoed, Wales, is expanding its facilities producing testing products used to identify a variety of diseases and conditions. Both companies have pledged £84 million to expand their manufacturing plants in the UK.

The Chancellor also confirmed that companies will soon be able to apply for a share of the £520 million funding for life sciences manufacturing announced at Autumn Statement, with competitions for large scale investments opening for expressions of interest this summer and medium and smaller sized companies in the autumn.

The fund is designed to build resilience for future health emergencies such as influenza pandemics and capitalise on the UK’s world-leading research and development.

Ben Kemp